India: MOIL cuts manganese ore prices across key grades for Jul’26

• • Inventory overhang curbs fresh procurement across markets

• • Global pricing softens amid cautious purchasing activity

State-owned MOIL Limited has revised its manganese ore prices, effective 1 July 2026. Prices of ferro-grade ores containing more than 44% Mn have been reduced by 5%, while ferro grades with Mn content below 44% have also witnessed a 5% price cut. In the SMGR category, prices of 30% Mn, 25% Mn, fines, and chemical-grade ores have been lowered in the range of 5-10%.

Factors affecting prices:

Imported high-grade ore prices drop m-o-m: Imported high-grade manganese ore prices declined m-o-m in June amid limited trading activity, as market participants remained in a wait-and-watch mode. South African 37% grade averaged $4.73/dmtu, down $0.43/dmtu from May; Australian 46% ore dipped $0.58/dmtu m-o-m to $5.76/dmtu; and Gabonese 44% material fell by $0.41/dmtu to $5.52/dmtu. Ample inventories, accumulated through bulk bookings during April’s sharp price rally, reduced fresh procurement, keeping buying interest subdued despite firm underlying production requirements.

Global manganese ore miners reduce July offers: Major manganese ore suppliers lowered their July 2026 offers to China. South32 reduced Mn37% South African semi-carbonate lump prices to $4.85/dmtu, down $0.15/dmtu from June. Eramet Comilog cut Mn44.5% to $5.18/dmtu and Mn43% to $4.98/dmtu, both down $0.27/dmtu m-o-m, while Jupiter lowered Mn36.5% ore to $4.70/dmtu, down $0.10/dmtu from June. Weak Chinese alloy demand, cautious buying, rising seaborne supply, and ample port inventories pressured July ore offers.

Domestic silico manganese prices in India remain stable m-o-m: Domestic prices of 60-14 grade silico manganese edged down by INR 100/t ($1/t) m-o-m to INR 77,600/t ($822/t) exw Raipur in June, according to BigMint’s assessment. Prices came under pressure during the first half of June due to sluggish steel demand, weak buying interest, and liquidity constraints. However, sentiment improved in the latter half of the month after electricity tariff hikes increased producers’ manufacturing costs, prompting higher offers. Despite the upward revision in offers, subdued downstream demand and resistance from buyers limited any significant price gains, keeping overall monthly prices broadly stable.

India’s silico manganese export offers reflect mixed trends: Silico manganese export offers reflected varied trends, with 60-14 grade prices edged down by $3/t m-o-m to $821/t FOB India from $824/t in June. However, Prices of the higher-grade 65-16 material went up by 11/t m-o-m to $916/t FOB India. Prices remained largely stable as weak overseas demand, oversupply, competitive export offers, and high inventories continued to pressure sellers’ margins.

Domestic billet prices fall m-o-m: Domestic billet prices fell by 3% m-o-m to INR 38,800/t ($411/t) exw-Raipur in June, compared with INR 40,100/t ($425/t) in May as buying activity remained subdued following sufficient bookings concluded in the previous trading session.